Wall Street Zen Upgrades AbCellera Biologics (NASDAQ:ABCL) to Hold

Key Points

• AbCellera Biologics was upgraded from a "sell" to a "hold" rating by Wall Street Zen, indicating a more cautious approach to the stock.
• Several analysts have varying ratings on AbCellera, with a consensus rating of "Moderate Buy" and an average price target of $8.00.
• The company reported a quarterly EPS of ($0.12), which was better than the consensus estimate of ($0.17), with revenue significantly exceeding expectations at $17.08 million.

Wall Street Zen upgraded shares of AbCellera Biologics (NASDAQ:ABCL - Free Report) from a sell rating to a hold rating in a report published on Saturday.

A number of other research analysts also recently commented on ABCL. Leerink Partners started coverage on AbCellera Biologics in a report on Monday, July 7th. They set an "outperform" rating and a $5.00 target price on the stock. Stifel Nicolaus reduced their target price on AbCellera Biologics from $8.00 to $7.00 and set a "buy" rating on the stock in a report on Friday, August 8th. Truist Financial reduced their target price on AbCellera Biologics from $28.00 to $10.00 and set a "buy" rating on the stock in a report on Friday, May 16th. KeyCorp increased their target price on AbCellera Biologics from $5.00 to $10.00 and gave the stock an "overweight" rating in a report on Monday, July 14th. Finally, Leerink Partnrs raised AbCellera Biologics to a "strong-buy" rating in a report on Monday, July 7th. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average target price of $8.00.

AbCellera Biologics Trading Down 2.8%

ABCL stock traded down $0.12 during mid-day trading on Friday, hitting $4.17. 5,925,312 shares of the company were exchanged, compared to its average volume of 5,609,063. The firm has a fifty day simple moving average of $4.11 and a 200 day simple moving average of $3.03. The company has a market capitalization of $1.25 billion, a PE ratio of -7.58 and a beta of 0.65. AbCellera Biologics has a twelve month low of $1.89 and a twelve month high of $5.82.

AbCellera Biologics (NASDAQ:ABCL - Get Free Report) last issued its quarterly earnings results on Thursday, August 7th. The company reported ($0.12) EPS for the quarter, topping the consensus estimate of ($0.17) by $0.05. The business had revenue of $17.08 million for the quarter, compared to analysts' expectations of $7.55 million. AbCellera Biologics had a negative net margin of 511.88% and a negative return on equity of 16.17%. As a group, sell-side analysts anticipate that AbCellera Biologics will post -0.59 earnings per share for the current year.

Institutional Trading of AbCellera Biologics

Hedge funds have recently made changes to their positions in the stock. Caitong International Asset Management Co. Ltd bought a new stake in shares of AbCellera Biologics in the 2nd quarter worth approximately $35,000. Stratos Wealth Advisors LLC bought a new stake in shares of AbCellera Biologics in the 1st quarter worth approximately $27,000. Janney Montgomery Scott LLC bought a new stake in shares of AbCellera Biologics in the 1st quarter worth approximately $29,000. J2 Capital Management Inc bought a new stake in shares of AbCellera Biologics in the 2nd quarter worth approximately $45,000. Finally, Balyasny Asset Management L.P. bought a new stake in shares of AbCellera Biologics in the 4th quarter worth approximately $40,000. Institutional investors own 61.42% of the company's stock.

About AbCellera Biologics

AbCellera Biologics Inc builds an engine for antibody drug discovery and development. Its engine discovers antibodies from natural immune responses, which are pre-enriched for antibodies. The company's preclinical products are ABCL635 for metabolic and endocrine conditions; and ABCL575 for atopic dermatitis.